|
Marketing Mix Modeling
Marketing mix modeling (MMM) is statistical analysis such as multivariate regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics. It is often used to optimize advertising mix and promotional tactics with respect to sales revenue or profit. The techniques were developed by econometricians and were first applied to consumer packaged goods, since manufacturers of those goods had access to accurate data on sales and marketing support. Improved availability of data, massively greater computing power, and the pressure to measure and optimize marketing spend has driven the explosion in popularity as a marketing tool. In recent times MMM has found acceptance as a trustworthy marketing tool among the major consumer marketing companies. History The term marketing mix was developed by Neil Borden who first started using the phrase in 1949. “An executive is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multivariate Statistics
Multivariate statistics is a subdivision of statistics encompassing the simultaneous observation and analysis of more than one outcome variable. Multivariate statistics concerns understanding the different aims and background of each of the different forms of multivariate analysis, and how they relate to each other. The practical application of multivariate statistics to a particular problem may involve several types of univariate and multivariate analyses in order to understand the relationships between variables and their relevance to the problem being studied. In addition, multivariate statistics is concerned with multivariate probability distributions, in terms of both :*how these can be used to represent the distributions of observed data; :*how they can be used as part of statistical inference, particularly where several different quantities are of interest to the same analysis. Certain types of problems involving multivariate data, for example simple linear regression an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Return On Investment
Return on investment (ROI) or return on costs (ROC) is a ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments.Return On Investment – ROI , Investopedia as accessed 8 January 2013 In economic terms, it is one way of relating profits to capital invested. Purpose In business, the pur ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Advertising Adstock
Advertising adstock or advertising carry-over is the prolonged or lagged effect of advertising on consumer purchase behavior. Adstock is an important component of marketing-mix models. The term "adstock" was coined by Simon Broadbent. Adstock is a model of how response to advertising builds and decays in consumer markets. Advertising tries to expand consumption in two ways; it both reminds and teaches. It reminds in-the-market consumers in order to influence their immediate brand choice and teaches to increase brand awareness and salience, which makes it easier for future advertising to influence brand choice. Adstock is the mathematical manifestation of this behavioral process. The adstock theory hinges on the assumption that exposure to television advertising builds awareness in the minds of the consumers, influencing their purchase decision. Each new exposure to advertising builds awareness and this awareness will be higher if there have been recent exposures and lower if there ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonlinear
In mathematics and science, a nonlinear system is a system in which the change of the output is not proportional to the change of the input. Nonlinear problems are of interest to engineers, biologists, physicists, mathematicians, and many other scientists because most systems are inherently nonlinear in nature. Nonlinear dynamical systems, describing changes in variables over time, may appear chaotic, unpredictable, or counterintuitive, contrasting with much simpler linear systems. Typically, the behavior of a nonlinear system is described in mathematics by a nonlinear system of equations, which is a set of simultaneous equations in which the unknowns (or the unknown functions in the case of differential equations) appear as variables of a polynomial of degree higher than one or in the argument of a function which is not a polynomial of degree one. In other words, in a nonlinear system of equations, the equation(s) to be solved cannot be written as a linear combination of the un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Linear Regression
In statistics, linear regression is a linear approach for modelling the relationship between a scalar response and one or more explanatory variables (also known as dependent and independent variables). The case of one explanatory variable is called '' simple linear regression''; for more than one, the process is called multiple linear regression. This term is distinct from multivariate linear regression, where multiple correlated dependent variables are predicted, rather than a single scalar variable. In linear regression, the relationships are modeled using linear predictor functions whose unknown model parameters are estimated from the data. Such models are called linear models. Most commonly, the conditional mean of the response given the values of the explanatory variables (or predictors) is assumed to be an affine function of those values; less commonly, the conditional median or some other quantile is used. Like all forms of regression analysis, linear regression focuses on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Mail
Advertising mail, also known as direct mail (by its senders), junk mail (by its recipients), mailshot or admail (North America), letterbox drop or letterboxing (Australia) is the delivery of advertising material to recipients of postal mail. The delivery of advertising mail forms a large and growing service for many postal services, and direct-mail marketing forms a significant portion of the direct marketing industry. Some organizations attempt to help people opt out of receiving advertising mail, in many cases motivated by a concern over its negative environmental impact. Advertising mail includes advertising circulars, plastic mailers, coupon envelopes (Money Mailer, Valpak), catalogs, CDs, " pre-approved" credit card applications, and other commercial merchandising materials delivered to homes and businesses. It may be addressed to pre-selected individuals, or unaddressed and delivered on a neighbourhood-by-neighbourhood basis. Postal services Postal systems offer lower ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Radio Advertising
In the United States, commercial radio stations make most of their revenue by selling airtime to be used for running radio advertisements. These advertisements are the result of a business or a service providing a valuable consideration, usually money, in exchange for the station airing their commercial or mentioning them on air. The most common advertisements are "spot commercials", which normally last for no more than one minute, and longer programs, commonly running up to one hour, known as " informercials". The United States Federal Communications Commission (FCC), established under the Communications Act of 1934, regulates commercial broadcasting, and the laws regarding radio advertisements remain relatively unchanged from the Radio Act of 1927. In 2015, radio accounted for 7.8% of total U.S. media expenditures. History Commercial advertising by audio services goes back to even before the introduction of radio broadcasting, beginning with the 1893 establishment of telepho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Television Advertising
A television advertisement (also called a television commercial, TV commercial, commercial, spot, television spot, TV spot, advert, television advert, TV advert, television ad, TV ad or simply an ad) is a span of television programming produced and paid for by an organization. It conveys a message promoting, and aiming to market, a product, service or idea. Advertisers and marketers may refer to television commercials as TVCs. Advertising revenue provides a significant portion of the funding for most privately-owned television networks. During the 2010s, the number of commercials has grown steadily, though the length of each commercial has diminished. Advertisements of this type have promoted a wide variety of goods, services, and ideas ever since the early days of the history of television. The viewership of television programming, as measured by companies such as Nielsen Media Research in the United States, or BARB in the UK, is often used as a metric for television advertise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand Loyalty
In marketing, brand loyalty describes a consumer's positive feelings towards a brand, and their dedication to purchasing the brand's products and/or services repeatedly, regardless of deficiencies, a competitor's actions, or changes in the environment. It can also be demonstrated with other behaviors such as positive word-of-mouth advocacy. Corporate brand loyalty is where an individual buys products from the same manufacturer repeatedly and without wavering, rather than from other suppliers. Loyalty implies dedication and should not be confused with habit with its less-than-emotional engagement and commitment. Businesses whose financial and ethical values (for example, ESG responsibilities) rest in large part on their brand loyalty are said to use the loyalty business model. Marketing Brand loyalty, in marketing, consists of a consumer's commitment to repurchase or continue to use the brand. Consumers can demonstrate brand loyalty by repeatedly buying a product, service, or by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
